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Citibank Standard Variable Offset Loan
Posted July 22nd, 2010
and last modified January 31st, 2012
What happens when I click Enquire Now?
- Clicking Enquire Now will take you to the lender's website
- After completing the contact form, a mortgage expert will contact you
- The mortgage expert will ensure you find the right loan, calculate your repayments, and explains all the associated fees
- After going through the enquiry process you will be able to know how much you can borrow, begin your application when you are ready to apply and be approved for a home loan
Being able to save yourself money every day just by simply having some money in the bank is a fantastic option that is available from the Citibank standard variable offset home loan. This home loan has the great feature of allowing your everyday savings to work for you by saving you interest charges on your mortgage. The Citibank standard variable offset home loan also has a good range of features that help give the borrower freedom and flexibility to manage their finances
Having the full range of features that are listed below means that the Citibank standard variable offset mortgage has great flexibility allowing the borrower to have the confidence to manage their home loan in the future.
- Offset account. The Citibank standard variable offset home loan is able to save you thousands of dollars, taking years off your home loan this is done by using an offset account. An offset account is basically an everyday savings account but it uses the balance to offset the amount that you owe on your mortgage. For example if you have a Citibank variable offset mortgage of $322,000 and you have two thousand dollars in your offset account then you only be paying interest on $320,000. This option is one of the best option is available on a home loan because as long as there is some money in the offset account it is always reducing the interest charged on your home loan.
- Who is suited to this loan? This home loan can be used by people who would like to purchase property that costs between $50,000 and $4,000,000. Using the Citibank standard variable offset loan you’re able to borrow up to a maximum of 85% of the property’s value using mortgage insurance and up to a maximum of 80% of the property’s value without the cost of mortgage insurance. There is also an eight dollar monthly account keeping fee, a once off application fee of $399 and a settlement fee of $250.
- Repayment frequency. Citibank offer three repayment options on their standard variable offset home loan. These frequency options are weekly monthly or fortnightly. Having the choice between these three options allows you to be able to find the best repayment frequency for you and your financial situation. If you are able to structure your repayments with when you are paid your salary it will help ensure that you pay your mortgage on time.
- Interest only. Interest only is a handy option that is available from Citibank on their standard variable offset home loan, interest only means that you’re able to reduce the amount of your repayments because you only pay the interest charges that are applied to your home loan. This is a popular option used by investors because it helps maximise the return on your investment and can also be used by owner occupiers if you need to free up some extra cash or during construction of a new home. It’s important to remember that when you’re using the interest only option the balance of your home loan will not reduce.
- Redraw. The redraw option allows the Citibank home loan customer to have access to any of the extra funds they have deposited on their home loan. This great option means that you’re able to access this money when funds are short. There is no minimum amount or charge for using the redraw option.
Read the Citibank Standard Variable Offset Loan terms and conditions.
| Minimum Loan Amount | $50,000 | |
|---|---|---|
| Maximum Loan Amount | $4,000,000 | |
| Maximum LVR | 85% | |
| Maximum Insured LVR | 90% | |
| Mortgage Offset Account | Yes | |
| Loan Redraw Facility | Yes | |
| Split Loan Facility | Yes | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| Interest Rate | 7.62% | |
| Comparison Rate | 7.75% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | Yes |
| Application Fee | $399 | |
|---|---|---|
| Service Fee | $8.00 | |
| Settlement Fee | $250 | |
| Exit Fee | $300 |
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